Private Property

Upon successfully finding the perfect property and negotiating the terms of your property purchase, your real estate consultant will prepare a Letter of Intent. This document meticulously outlines crucial details such as the purchase price, deposit amount, payment schedules, deadlines, and other pertinent information. Subsequently, this document serves as a comprehensive reference detailing the agreed-upon terms, which will then be forwarded to the seller. Once both parties agree with its content the letter of intent will will then be sent to the lawyers.

In order to purchase a property in Portugal, acquiring a tax identification number is a prerequisite. This identification number can be issued to non-residents and carries no tax obligations within Portugal. Your appointed lawyer cam assist you in the process of obtaining this essential number.

Upon completing the necessary inquiries to confirm the seller's ownership rights and ensure the property is free from any legal claims, your lawyer will draft the CPCV (Contrato Promessa de Compra e Venda) – a binding contract between you and the seller. This document will be signed by both parties in the presence of a notary or lawyer. The CPCV includes detailed information about the buyer, seller, and the property, along with the payment plan, dates, and mutually agreed-upon terms. Upon signing, it's customary for the buyer to pay a 10% deposit of the total purchase price, usually facilitated through the lawyer's account. According to Portuguese law, if the seller fails to meet their contractual obligations, they must reimburse the buyer with double the amount of the deposit. Conversely, if the buyer breaches the contract, the paid deposit will not be refunded.

The Deed of Purchase and Sale, marking the official transfer of ownership from the seller to the buyer, occurs on the agreed-upon date at the notary's office. You or your lawyer, if authorized, will sign this document. The process concludes with the payment of the remaining purchase price and the notary filing the deed in the official records. After the deed and related transactions are finalized, your lawyer will register the purchase under your name at the Land Registry Office. You should receive a copy of this registration for your records.